The Labor Department released the inflation report for December which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.

US consumer inflation rose for a third straight month in December as energy prices rose, according to government data published Wednesday, adding pressure on the Federal Reserve to pause rate cuts.

The December inflation report shows that inflation rose by 0.4% month over month and 2.9% year over year. NBC News' Brian Cheung and Editor-in-Chief at Investopedia Caleb Silver break down the latest economic data.

An inflation report to be released on Wednesday will provide an update on the issue raised by many Americans as their top economic concern, just days before the inauguration of President-elect Donald Trump.

President-elect Donald Trump will re-enter the White House next week against a more challenging economic backdrop than when he was sworn in for the first time in 2017 — starting with the threat of inflation.

Donald Trump's policies are not likely to cause inflation to reignite as many analysts fear, one of the president-elect's longtime economic advisors told AFP Tuesday, less than a week before

The Indian rupee is likely to open marginally higher on Wednesday as the dollar retreats in the lead up to U.S. inflation data that will give cues on the direction of U.S. interest rates. The 1-month non-deliverable forward indicated that the rupee will open at 86.

Argentina's central bank will slow the rate of the local peso's devaluation, it said on Tuesday, after new data showed annual inflation slowing in December and as the central bank sees continued progress on inflation.

Argentina’s central bank announced it will slow the pace of the peso’s controlled depreciation to 1% a month starting in February after fresh inflation data paved the way for the policy change.